Greenlight Capital's David Einhorn was early with his investment in Delta Lloyd. The shares are even more attractive now.

Not everything David Einhorn touches turns to gold. Not immediately, anyway. His investment in Dutch insurer Delta Lloyd (ticker: DL.Netherlands), one of his top picks in 2011, has been a real dud. Early last year, the Greenlight Capital president was quoted saying the stock could double and still look cheap. But it hasn't worked out that way; the stock tumbled 14% last year, compared...